THE FIRST publicly known “bitcoin billionaires” have lost around $443million (£316m) each as a result of the falling value of the cryptocurrency and have fallen out of Bloomberg’s Billionaire Index, the twins revealed.

The Winklevoss twins sued Mark Zuckerberg for $65million (£46m) in 2008 for stealing the idea of Facebook and used some of the money to buy around 120,000 bitcoins in March 2013 when one coin was worth around $120 (£85).

Bitcoin exploded by almost 10,000 per cent in value between March 2013 and December 2017 making the pair some of the first bitcoin billionaires after their $11million worth of bitcoin rose to $1billion.

But, the volatility of the cryptocurrency has hit the pair hard and the dramatic fall in the value of bitcoin has reduced their fortunes in the last month.

The 37-year-olds do not seem to be too concerned as they say they plan to hold the currency over the long-term. Cameron Winklevoss said: “We’ve never sold a Bitcoin, we’re in it for the long haul.”

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The Federal Reserve has issued a warning that bitcoin and other cryptocurrencies could be a threat to financial stability.

Federal Governor Randal Quarles said: “While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage.”

But CEO of Shopin Eran Eyal said he has “no doubt” bitcoin will reach a value of beyond $100,000 in the future.

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Bitcoin exploded by almost 10,000 per cent in value between March 2013 and December 2017

Mr Eyal said it is important to separate bitcoin from other types of cryptocurrencies such as ethereum or ripple. He said each cryptocurrency has its own “business model” to differentiate from one another.

Speaking on CNBC, Mr Eyal said: “I have no doubt that bitcoin is going to reach well-beyond $100,000. Have a look at how it has climbed over the past.”

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The Federal Reserve warned that bitcoin could be a threat to financial stability

Valois Dombrovskis, Vice President of the European Commission, has cited “clear risks for investors and consumers associated to price volatility".

He has written to three of the bloc’s financial watchdogs warning them of a potential bubble.

It comes as the currency’s price plummeted – and largely levelled – to around $11,800 (£8,520) on Monday, down from roughly $20,000 at the end of last year.